Frequently Asked Questions

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What is the purpose of an IDA?

The IDA was established under New York State law to promote, develop, and assist in acquiring, constructing, reconstructing, equipping and furnishing of qualified projects and facilities, thereby increasing the job base of the Town.

How small can a transaction be?

A transaction may be as small as $800,000 to practically qualify under our “Special Straight Lease Program.”

A transaction may be as small as $800,000 to practically qualify under our “Special Straight Lease Program.”

What is a Special Straight Lease Program?

This transaction is one in which standard documents are utilizedthereby substantially reducing legal fees. There is a cap of $1.5 million on this type of program.

This transaction is one in which standard documents are utilized thereby substantially reducing legal fees. There is a cap of $1.5 million on this type of program.

Who qualifies for tax exempt bond financing?

Tax-exempt bond financing is available to manufacturing companies seeking to acquire, construct, renovate or equip facilities within the Town of Hempstead. State and federal rules determine which projects are eligible for this IDA assistance.

Tax-exempt bonds enable borrowers to finance improvements to their businesses at lower costs, including reduced interest rates, longer financing terms and lower equity requirements. The Town of Hempstead Industrial Development Agency also issues taxable bonds for commercial projects that do not qualify for tax-exempt bonds.

Tax-exempt bond financing is available to manufacturing companies seeking to acquire, construct, renovate or equip facilities within the Town of Hempstead. State and federal rules determine which projects are eligible for this IDA assistance.

Tax-exempt bonds enable borrowers to finance improvements to their businesses at lower costs, including reduced interest rates, longer financing terms and lower equity requirements. The Town of Hempstead Industrial Development Agency also issues taxable bonds for commercial projects that do not qualify for tax-exempt bonds.

In the Town of Hempstead, government is an active partner with leaders of business, education, and public institutions in promoting economic development. We all understand that thriving businesses are vital to the great quality of life our over 760,000 residents enjoy. In fact, our Town has perhaps the best balance of business, residential communities, non-profit institutions and public facilities anywhere. It’s a great environment in which to grow your business: